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The Effect Of Population Aging On Household Consumption Level In China, Yifan Ma Jan 2021

The Effect Of Population Aging On Household Consumption Level In China, Yifan Ma

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper mainly focuses on the aging population’s effect on Chinese household spending level by using consumption tendency ratio as a dependent variable in the model with three main researching perspectives from the whole country, comparison with three main different regions, comparison before and after outbreak of COVID-19. The main data resources are obtained from the National Breau of Statistics of China with a total of thirty-one provinces for a ten-year period from 2011 to 2020. Empirical study in this paper uses an ordinary least squares model to analyze data and get the following main conclusions. Other conditions remain unchanged, …

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The 7ps Marketing Mix Of Koi Thé That Affect Consumer’S Purchase Decisions In Bangkok, Varith Romyanan Jan 2021

The 7ps Marketing Mix Of Koi Thé That Affect Consumer’S Purchase Decisions In Bangkok, Varith Romyanan

Chulalongkorn University Theses and Dissertations (Chula ETD)

Currently, bubble tea has become some of the most famous beverages that people prefer to drink worldwide, especially in Thailand. The bubble tea shop business market has consecutively high competition, in terms of consumers having different choices of beverages to consume and also in terms of owners that have more competitors. KOI Thé is possibly one the most popular bubble tea chain in Thailand. In consequence, this paper's purpose can be classified into two categories. First, to examine the impact of components of the 7Ps marketing mix on consumers' purchasing decisions of KOI Thé. Second, to examine the influence of …

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The Effect Of The Ongoing China-Us Trade War On Huawei, Evidence From 2021 Financial Report, Liping Zhang Jan 2021

The Effect Of The Ongoing China-Us Trade War On Huawei, Evidence From 2021 Financial Report, Liping Zhang

Chulalongkorn University Theses and Dissertations (Chula ETD)

In Jan of 2018, the U.S. had waged a trade war against China. Besides additional tariffs on Chinese products, in May of 2019, the USA is also tightening restrictions on the transfer of technology to China and the business activities of Huawei, namely the chip ban. For many companies, being sanctioned by the U.S. would be a devastating blow, a crisis that could potentially ruin the entire business. This paper has used the data from Huawei's 10-year annual report and attempted to find out Huawei's current situation after 4 years sanctions from the financial point of view. The author expects …

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The Impact Of Covid-19 On Neets In Thailand Between 2019-2021, Nawathas Thasanabanchong Jan 2021

The Impact Of Covid-19 On Neets In Thailand Between 2019-2021, Nawathas Thasanabanchong

Chulalongkorn University Theses and Dissertations (Chula ETD)

With the completely aged society, Thailand requires young people more than ever since the young people of today are the future of tomorrow. Nonetheless, young people in Thailand currently face a painful transition for young people into an active workforce, particularly during the COVID-19 pandemic. Over 1.3 million youths or 14 percent of the youth population aged 15-24 years are not in Education, Employment, or Training (NEET). Hence, the study aims to understand the characteristics of NEETs and the impact of COVID-19 on NEETs in Thailand. The “NEET” term is more than unemployment and inactiveness. The rooted causes of being …

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Strategic Marketing Analysis : A Case Study Of Spotify, Thanawat Chatsri Jan 2021

Strategic Marketing Analysis : A Case Study Of Spotify, Thanawat Chatsri

Chulalongkorn University Theses and Dissertations (Chula ETD)

This individual study explores and discusses the organizational and market aspects connected with creating a management framework that has enabled Spotify to have a disproportionate share of the music streaming industry's total earnings, Therefore, Spotify can continue dominate the market. The research comprises of two studies : one investigates the company's history, performance, and marketing initiatives, and another analyzes the market situation. The paper finds that the company's present shortcomings include its high royalty costs, unique selling proposition, payment to music owners, and current licensing agreements with music rights holders. Apart from that, the threats to Spotify include legal conflicts …

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Research On Chinese E-Commerce Enterprise Development In Southeast Asia – A Case Study Of Alibaba’S Acquisition Of Lazada, Junyao Gao Jan 2021

Research On Chinese E-Commerce Enterprise Development In Southeast Asia – A Case Study Of Alibaba’S Acquisition Of Lazada, Junyao Gao

Chulalongkorn University Theses and Dissertations (Chula ETD)

No abstract provided.

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Impact Of Merger & Acquisition On Financial Performance: A Case Study On Bank Of Ayudhya Be Acquired By Mufg, Yang Liu Jan 2021

Impact Of Merger & Acquisition On Financial Performance: A Case Study On Bank Of Ayudhya Be Acquired By Mufg, Yang Liu

Chulalongkorn University Theses and Dissertations (Chula ETD)

As we know, the merger & acquisition deals could significantly affect the performance and business result of target company, especially on financial aspect. In fact, merger & acquisition became a major method for expanding business scale, enhancing competitive, improving financial performance. Due to several reasons, regulators did not welcome foreign bank involved too much influence in Thai financial market. In the end of year 2013, a surprising news was revealed in social media, Bank of Ayudhya accepted the investment from Mitsubishi UFJ Financial Group, becoming its oversea subsidiary. It was one of biggest banking merger & acquisition deals in Thailand. …

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Price Effect Of Set 50 Stock From Inclusion And Exclusion, Thamatit Sakunwanit Jan 2021

Price Effect Of Set 50 Stock From Inclusion And Exclusion, Thamatit Sakunwanit

Chulalongkorn University Theses and Dissertations (Chula ETD)

Maximize profit is the main goal for investor or securities manger. The study of price effect of included or excluded stock will be beneficial for them, in order to choose investment strategy or planning. In this paper, the market model method was constructed with financial data between 2010 to 2020 from Stock Exchange of Thailand and Investing.com. The results of the study are consistent with the previous studies. The AAR increase at the around announcement and effective date for inclusion but decrease for exclusion case. The CAAR is upward trend for inclusion case and negative trend for exclusion case. The …

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The Impact Of Covid-19 On Exchange Rate: Evidence Through Thai Baht, Sitang Ketloi Jan 2021

The Impact Of Covid-19 On Exchange Rate: Evidence Through Thai Baht, Sitang Ketloi

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper illustrates the impact of the COVID-19 pandemic on exchange rate of Thailand by using COVID-19 confirmed cases and deaths to measures how Thai Baht volatile during the pandemic period. To examine the impact of COVID-19 on exchange rate of Thailand, the daily data of COVID-19 confirmed cases and deaths of Thailand also the historical data of Thai Baht exchange rate, determine by USD/THB, JPY/THB, and EUR/THB were collected. All data covers the period from March 1, 2020, to December 31, 2021. This study employed Ordinary Least Squares (OLS) regression to estimate the relationship of the variables. The result …

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The Influence Of Digital Access On Business During Covid-19 Pandemic, Kornthawat Angsathitanan Jan 2021

The Influence Of Digital Access On Business During Covid-19 Pandemic, Kornthawat Angsathitanan

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research purpose is to prove the influence of digital access on business during pandemic. Digital access is already around us such as email communication, online banking, etc. At the beginning they have four factors that drive our world using digital access which is ecosystem, research and development innovation, security, business effectiveness. In 2020 covid-19 pandemics have become one of the factors that drive digital access around the world. This research will see the company strategy that has digital transformation and adaptation after suffering from a pandemic and will study business strategy in all five factors. The result will show …

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The Impact Of Public Debt On Economic Growth: Evidence From Thailand, Kanpimon Chaisaard Jan 2021

The Impact Of Public Debt On Economic Growth: Evidence From Thailand, Kanpimon Chaisaard

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates how public debt affects Thailand’s economic growth, covering 2005 to 2019. The model runs through 3 macroeconomic indicators; namely, Public debt, Personal Income Tax, and Real Gross Domestic Product, which represent economic growth. All of them are examined by Vector Error Correction Model and Granger Causality approach. The evidence shows that public debt and income tax are related to Thailand’s growth in different directions; the former is favorable while the latter is negative at a 5% significance level. Likewise, the speed of adjustment is at 15%. The paper suggests that the government can run up the national …

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Can Japan's Horse Racing Industry Sustainably Improve Its Competitiveness? -An Analysis Focusing On Economic Factors-, Katsuya Imanishi Jan 2021

Can Japan's Horse Racing Industry Sustainably Improve Its Competitiveness? -An Analysis Focusing On Economic Factors-, Katsuya Imanishi

Chulalongkorn University Theses and Dissertations (Chula ETD)

We have seen successes of Japanese horses running in overseas races. Behind their success, there were some factors to support the industry, such as Japanese economic scale, technological development, cultural mix. I will examine whether it can remain competitive in the future. Internationalization would be the key factor.

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Factors Associated With European Citizen’S Political Participation: From European Youth’S Perspectives, Huiting Chen Jan 2021

Factors Associated With European Citizen’S Political Participation: From European Youth’S Perspectives, Huiting Chen

Chulalongkorn University Theses and Dissertations (Chula ETD)

The political participation of young people can undoubtedly have a positive impact on a country. Especially in the EU as a democratic country, the political participation of citizens is also very important for the EU. However, it can be seen in the previous literature that the youth population is not very enthusiastic in terms of political participation. Therefore, the main purpose of this paper is to explore the factors that influence the political participation of European youth. And the main gap of this paper is to elaborate on the mismatch between the definition of political participation and the perception of …

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The Adjustment And Influence Of The Italian Government’S Policy Towards China Under The Background Of Bri, Zekun Liang Jan 2021

The Adjustment And Influence Of The Italian Government’S Policy Towards China Under The Background Of Bri, Zekun Liang

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper makes a brief review of the Italy's policy towards China before the BRI was proposed, and the characteristics of Italy's policy towards China through the methods of literature analysis and comparative study. This paper holds that based on the BRI, the adjustment of Italy's policy towards China is mainly reflected in three aspects: politics, economy and culture. The adjustment of the policy towards China has also had an important impact on Sino-Italian relations and Sino EU relations. 2020 marks the 50th anniversary of the establishment of diplomatic relations between China and Italy. Since the establishment of diplomatic relations, …

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The European Union Policies On Climate Change Toward Animal Welfare, Kitjaphat Sasombat Jan 2021

The European Union Policies On Climate Change Toward Animal Welfare, Kitjaphat Sasombat

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study aims to explore and investigate the European Union climate and animal welfare protection regime on how the European Union protects animals from climate change using quantitative data on climate change, cooperation of governments, and animal welfare protection. Using regime theory, I analyze the method and identify the cooperation European Union has developed in animal welfare protection from climate change. My analysis shows a weak correlation between the two areas and numerous obstacles preventing the European Union from completely cooperating and providing the full protection animals deserve. The study concluded that the climate regime of the European Union might …

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Exploring Impacts Of The Syrian Refugee Crisis On German And Turkish Political Relations Between 2015 And 2021: From The German Perspective, Siyu Pan Jan 2021

Exploring Impacts Of The Syrian Refugee Crisis On German And Turkish Political Relations Between 2015 And 2021: From The German Perspective, Siyu Pan

Chulalongkorn University Theses and Dissertations (Chula ETD)

Due to the fluctuating interests of states, the international environment has a complex and ever-changing structure. In these circumstances, governments work in their best interests to adapt to the shifting world order. Türkiye and Germany have historically had cordial ties, which have deepened on an economic, political, and cultural basis, testifying to a more profound interdependence between Türkiye and Germany. The Syrian conflict has become one of the most important crises in international affairs. This crisis has significantly impacted the political parties and cultural influence of several nations, including Germany and Türkiye. When the issue of Syrian refugees became a …

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Is Cryptocurrency A Hedge, Safe Haven, Diversifier Against Thailand, Indonesia, Philippine Stock Market On Pre-Covid-19 And During Covid-19?, Suphawit Keakultanes Jan 2021

Is Cryptocurrency A Hedge, Safe Haven, Diversifier Against Thailand, Indonesia, Philippine Stock Market On Pre-Covid-19 And During Covid-19?, Suphawit Keakultanes

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research study whether cryptocurrencies act as a hedge, safe haven or diversifier against Thailand, Philippines, and Indonesia stock exchange market. Using DCC-GARCH model and hypothesis test, we examine the hedge ratio and the conditional correlation between cryptocurrencies and TIP’s stock exchange market. The sample cover data on the return of the TIP’s index, Bitcoin, Ethereum, Tether and Litecoin from 1st January 2016 to 31st December 2021. The empirical results show that traditional cryptocurrencies, such as Bitcoin and Litecoin can act as diversifier, Ethereum can act as hedge instrument in PSEI index. Tether can act as the hedge and safe …

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The Link Between Esg And Firm Performance In Healthcare Industry: The Moderating Role Of Firm Age And People Awareness, Thongpattra Nanna Jan 2021

The Link Between Esg And Firm Performance In Healthcare Industry: The Moderating Role Of Firm Age And People Awareness, Thongpattra Nanna

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper examines the link between ESG and firm performance in healthcare industry moderated by firm age and advertising expenses from 2011 to 2020. Firm performance is measured by Tobin’s Q, ROA, ROE and asset turnover. This study finds the evidence that environmental pillar is the most important metric to improve firm value in healthcare equipment & supplies and advertisement helps social and governance pillars to add more value. Biotechnology looks alike, but firm age can moderate environment pillar to increase the value. Moreover, social pillar is the most influential to add firm value for healthcare provider & services and …

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Market Reactions Towards Changes In Analysts’ Ratings And Target Prices, Evidence From Thailand, Talatarn Kromadit Jan 2021

Market Reactions Towards Changes In Analysts’ Ratings And Target Prices, Evidence From Thailand, Talatarn Kromadit

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper aims to perform a comprehensive analysis of the effects of the stock ratings and target prices announcement published by analysts from both domestic and foreign brokerage firms in the Thai market. There are two quantitative indicators that will be focused on in this study, target prices and stocks rating, by observing the change of these two factors along with the change of market price, I will be able to study market reaction by using the Fama-French 3-factor modal (Fama and French, 1992) to detect AR and CAR within each focused window period. The observation period starts from January …

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Are Short Sellers Equally Informed? Evidence From The Us. Credit Rating Announcements, Omtong Kasemsant Jan 2021

Are Short Sellers Equally Informed? Evidence From The Us. Credit Rating Announcements, Omtong Kasemsant

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study uses credit rating and daily short sale data of firms listed in NYSE from January 2015 to December 2021 to examine whether there is informed trading. Although post-announcement abnormal return is negatively correlated with abnormal short volume, no evidence of informed short selling is found. Higher level of pre-announcement abnormal short selling is positively correlated to default risk and also explained by the incentives of short sellers to short more when past returns are negative. Furthermore, increase in short selling that is preceded by credit watch placement is more pronounced before credit rating downgrades. Moreover, the evidence shows …

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Spac Sponsors And Their Effects On Spac Prices, Kanda Karnjanonun Jan 2021

Spac Sponsors And Their Effects On Spac Prices, Kanda Karnjanonun

Chulalongkorn University Theses and Dissertations (Chula ETD)

The purpose of this paper is to find the effect from SPAC sponsor after the merger announcement. I study SPAC IPOs which had acquiror and target nation in the United States and were public between January 2020 and December 2021. The final sample has 186 SPACs. I select The Forbes 400 in 2021 as a proxy for sponsor reputation. I use event study methodology to test for SPAC sponsors and their effects on SPAC prices. I find that there is no statistical evidence that sponsor reputation has impact on SPACs price on the announcement date of combination. There are two …

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The Impact Of Government Response’S Policy To Covid-19 On Stock Market Volatility, Chaiwat Ratchawat Jan 2021

The Impact Of Government Response’S Policy To Covid-19 On Stock Market Volatility, Chaiwat Ratchawat

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research explores the effect of government's COVID-19 response policy on stock market volatility. We explain the stock market volatility dynamics via the index that measures the strict level of government response’s policy to COVID-19. Using EGARCH (1,1) model to identify stock market volatility from daily stock market return of 68 countries and apply the Arellano–Bond two-step system GMM estimator for dynamic panel data analysis, we found that the stock market volatility in the COVID-19 period can be reduced by the government policy response to COVID-19. Furthermore, after dividing the index into 3 types, all types of policy also reduce …

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The Hedging Effectiveness Of Disruptive Technology Etfs To Asia Emerging Markets, Theerapong Theerahsapphawittaya Jan 2021

The Hedging Effectiveness Of Disruptive Technology Etfs To Asia Emerging Markets, Theerapong Theerahsapphawittaya

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines the role of hedge and safe haven of four disruptive technology ETFs to six Asia emerging markets and assess whether if COVID-19 pandemic has altered the dynamic conditional correlations and hedge effectiveness between these assets. Using daily return data from February 23, 2018 to January 28, 2022, first, the results indicate that despite the outperformance of disruptive technology ETF’s returns during COVID-19 pandemic, these ETFs do not have a hedge or safe haven property against Asia emerging market downturns as their returns were still positively correlated. They can only be used as diversifier tools to the Asia …

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The Impact Of Esg Performance On Firm-Idiosyncratic Risk In The Us And Canada, Nutcha Kongpreecha Jan 2021

The Impact Of Esg Performance On Firm-Idiosyncratic Risk In The Us And Canada, Nutcha Kongpreecha

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper aims to examine how environmental, social, and governance (ESG) performance affects the idiosyncratic risk of firms in the United States and Canada between 2007 and 2020. This study retrieves ESG scores and other factors from the Refinitiv DataStream, the firms used for analysis in this paper are 480 listed companies. Results show that ESG performance can reduce idiosyncratic risk in different firms' characteristics and periods. First, ESG performance can subdue the idiosyncratic risk in both sensitive and non-sensitive industries at the same level. Second, only the environmental pillar in the sensitive industry has an additional negative influence on …

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Does Bond Market Development Impact The Flight-To-Quality From Stock To Bond During Covid-19?, Patcharee Sae-Tiaw Jan 2021

Does Bond Market Development Impact The Flight-To-Quality From Stock To Bond During Covid-19?, Patcharee Sae-Tiaw

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper analyzed flight to quality effect from stocks to government bonds in 46 countries including developed and emerging countries during COVID pandemic. The empirical result from panel data framework shows that the flights exist and government bonds remain offered diversification benefit to investors when they are most needed. The negative stock-bond correlation was also amplified when pandemic is more severe in developed countries. Moreover, this study reveals that countries with a higher degree of bond market development can support bonds act as a safe haven better and have more negative in stock-bond correlation.

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How Sensitive Are Ipos To The Fear Of The Covid-19 Pandemic In Emerging Markets?, Kavisara Vachekrilas Jan 2021

How Sensitive Are Ipos To The Fear Of The Covid-19 Pandemic In Emerging Markets?, Kavisara Vachekrilas

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the relationship between COVID-19-related pandemic fear and the short-term performance of initial public offerings in emerging markets. This paper investigates whether the short-term fear of COVID-19 continues to influence post-IPO performance. In doing so, the fundamental methodology is cross-sectional ordinary least squares (OLS) regression and numerous variables are included to the model as control variables. The results show that whether looking at the first-day trading price of an IPO or the subsequent trading prices, the effect of pandemic fear (GFI, RCI and RDI) was positive. However, results were somewhat different for HighGFI, which was a dummy variable …

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Oil Shocks And Corporate Investment: Evidence From Stock Exchange Of Thailand (Set), Pakkawat Kitsirikarn Jan 2021

Oil Shocks And Corporate Investment: Evidence From Stock Exchange Of Thailand (Set), Pakkawat Kitsirikarn

Chulalongkorn University Theses and Dissertations (Chula ETD)

This special project empirically examines the impact from the different type of oil price shocks on corporate investment. This study follows the method proposed by Kilian (2009). He uses the structural vector autoregression model to decompose oil price shock into 3 type which comprised with oil supply shock, oil aggregate demand shock, and oil specific demand shock. Moreover, this work also incorporates industrial competition to investigate how it link to the impact of oil shock on corporate investment. The empirically examine period is Jan 2007 to Dec 2018. This study uses the firm-level data of companies listed in the stock …

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Causality Between Corporate Social Responsibility And Corporate Financial Performance, Yatida Palasri Jan 2021

Causality Between Corporate Social Responsibility And Corporate Financial Performance, Yatida Palasri

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper examines the causality relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) of the listed companies in Asian Pacific emerging markets from 2010 to 2020. This paper analyzes the direction of causality between CSR and CFP in five different industries including energy, consumer non-cyclical, financial, technology and healthcare industries. This paper aims to study whether aggregated CSR scores and non-aggregate CSR scores (i.e., environmental, social and governance scores) toward the CFP measures (i.e., return-on-equity and Tobin’s Q ratios) have unidirectional or bidirectional relationship. In doing so, the bivariate panel vector autoregressive model and Granger causality test …

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Is Thai Baht A Safe Haven Currency During The Covid-19 Pandemics, Nanapat Chaochavanil Jan 2021

Is Thai Baht A Safe Haven Currency During The Covid-19 Pandemics, Nanapat Chaochavanil

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper empirically investigates whether or not Thai Baht (THB) is actually one of the safe haven currencies. Moreover, we also extend analysis to see if its safe haven pattern is persistent during the COVID-19 pandemic. We are not only study for THB, but also take into account other traditional well known safe- haven currencies namely U.S. Dollar (USD), British pound sterling (GBP), Euro (EUR), Swiss Franc (CHF) and Japanese Yen (JPY). By investigating between 2010 - 2019, our results do not support the idea that THB is a safe haven currency. Nevertheless, this paper found that for other well-known …

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The Effect Of Air Pollution On Stock Returns: Evidence From Thailand And Indonesia, Fengxu Lin Jan 2021

The Effect Of Air Pollution On Stock Returns: Evidence From Thailand And Indonesia, Fengxu Lin

Chulalongkorn University Theses and Dissertations (Chula ETD)

The objective of this paper is to investigate the impact of air pollution on stock returns in Thailand and Indonesia from January 1, 2016, to June 30, 2021. Further effects of air pollution on stock returns during the seasonal pollution period, full moon period, new moon period, and high pollution period are also studied. The result shows that a lagged day of air pollution proxy significantly reduces stock returns in Thailand. The significant negative effect of air pollution on stock returns is similar to that after controlling for the January effect. This is consistent with the finding of Li and …

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